Bitcoin mining difficulty fell by 7.48%

On June 29, block 848,448 recalculated bitcoin mining difficulty, resulting in a 7.48% drop to 116.96T. This is the second consecutive decline and the largest drop since December 2022, indicating a noticeable outflow of computing power from the network.

According to Glassnode, hashrate (7-day moving average) collapsed to 799 EH/s after a recent local peak. This sharp decline indicates a reduction in activity from miners, likely due to worsening economic conditions after the April halving.

However, the mining profitability metric is showing signs of recovery. According to the Hashrate Index, hashprices – revenue per unit of capacity – rose from $53 to $58 per PH/s overnight, which is comparable to the levels of late May and may temporarily improve the financial situation of miners.

The bitcoin exchange rate is hovering around $107,000 at the time of writing, having added 4.5% over the week. The rise in price is helping to offset lower block reward and falling fees.

Analysts at CryptoQuant reported that despite pressure on profitability, miners have built up BTC reserves by 4,000 coins since the beginning of April. This may indicate expectations of price growth and a shift to a hold strategy.

Additional support for network metrics is provided by a group of long-term investors. Participants associated with the “Satoshi era”, according to the report, have started to accumulate the asset after a long phase of détente.